O'Connell added: "Abu Dhabi is the last link, the stepping stone for one of the purchasers I'm speaking to, perhaps the Middle Eastern purchaser I'm speaking to, perhaps one of the others, to sign that cheque and take it over. It is the best way to showcase it."

Asked why the potential purchaser would not buy the team first, he said: "Because it has not raced, because there is a concern about what they are taking on, about the team and the commitment of the team.

"It is all very well to talk about really wealthy people doing things, but this is about 200 people giving their time and energy in order to make this work. the employees are the engine of this team."

F1 boss Bernie Ecclestone has described the crowd-funding exercise as "a disaster", saying: "We don't want begging bowls. If people can't afford to be in Formula 1, they have to find something else to do."

O'Connell said he was "really upset" about Ecclestone's remarks.

Saying he was speaking to "more than two" drivers about racing in Abu Dhabi, he added: "We have planned all of this.

Bernie Ecclestone gave Caterham permission to miss the races in the US and Brazil

"With the money we get from drivers with sponsorship and with huge support from a lot of other people, like (engine supplier) Renault, all our major counter-parties, are incredibly keen we are there, we survive, get through this new process, get a new backer and proceed as a properly functioning sound team."

Asked why the crowd-funding money would not need to be paid to the team's creditors, he said: "The money is being raised for a particular reason, so the team can race in Abu Dhabi.

"If it is not raised, it all goes back to the people who paid the money. The creditors are due their money from the assets of the company. If this team was taken over there will be much more money to go to the creditors of the company."